The S&P 500 Index rose by 0.73%, the Dow Jones Industrial Average increased by 1.03%, and the Nasdaq 100 jumped by 2.00% on the trading day. Notably, Palantir Technologies’ stock surged more than 21% after reporting Q2 revenue of $1.94 billion, surpassing expectations of $1.81 billion, while Zebra Technologies saw an 18% increase following better-than-expected Q2 results. Meanwhile, the US June trade deficit was reported at $73.3 billion, slightly worse than the anticipated $73.0 billion.
Crude oil prices fell over 3% today, reaching a three-week low, due to potential diplomatic talks between the US and Iran, which raised concerns over supply disruptions. The Philadelphia Semiconductor Index also experienced gains, up more than 5%, driven by strong performances from major chipmakers and AI infrastructure stocks. Currently, there is a 59% chance of a 25 basis point rate hike at the upcoming FOMC meeting scheduled for September 15-16.
Overseas markets reflected the positive sentiment, with the Euro Stoxx 50 hitting an all-time high, up 0.78%, while Japan’s Nikkei-225 rose by 0.32%. Additionally, T-note yields in the US and Europe decreased today, indicating lowered inflation expectations amidst falling crude prices.
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